In March 2024, the U.S. Securities and Exchange Commission (SEC) requested an additional $158 million in federal funds from Congress to address various issues, including cryptocurrency market regulation. SEC Chairman Gary Gensler referred to the crypto industry as the “wild west,” highlighting the need for increased regulation due to the dynamic changes in investor communications and the speculative nature of crypto markets.

The SEC’s total budget for 2024 is $2.4 billion, with a request for $2.5 billion for 2025. Gensler emphasized the importance of expanding the agency’s workforce to effectively manage risks associated with cryptocurrencies and new financial technologies. With a focus on regulating illegal activities involving cryptocurrencies, Gensler has raised concerns about the volatility of crypto assets and their potential harm to investors.

Despite approving 11 spot Bitcoin Exchange-Traded Funds (ETFs), Gensler remains skeptical about Bitcoin and its association with ransomware attacks. The SEC continues to prioritize regulating cryptocurrencies and ensuring investor protection in the evolving financial landscape.

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